Jastrzebska Spólka Weglowa (JSW) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a year-over-year increase in coal (up to 13.1%) and coke (up to 7.1%) production, but sales revenues declined up to 12.6% sequentially and up to 4.2% year-over-year, with revenue ranging from just above PLN 2 billion to PLN 2,780.9 million.

• Net loss narrowed, reported between PLN 370.1 million and PLN 616 million, improving from losses over PLN 1.2 billion to PLN 3.3 billion in prior periods.

• The group is undergoing significant restructuring, including cost reductions, headcount optimization, asset sales, and seeking state support to address market downturns and liquidity.

• Major restructuring efforts include debt restructuring, cost-saving labor agreements, and deferral of social security contributions.

• Board and management changes occurred post-period.

Financial highlights

• Q1 2026 sales revenue ranged from just above PLN 2 billion to PLN 2,780.9 million, down up to 12.6% quarter-on-quarter and up to 4.2% year-over-year.

• Net loss: PLN 370.1 million to PLN 616 million, improved from losses over PLN 1.2 billion to PLN 3.3 billion in prior periods.

• Adjusted EBITDA: -PLN 192.4 million, improved from -PLN 299.4 million in Q4 2025 and -PLN 551.8 million in Q1 2025.

• CapEx: PLN 803.1 million, up 18% sequentially, nearly flat or down 3.2% year-over-year.

• Cash and equivalents fell to PLN 208.4 million–234.4 million at end of March from nearly PLN 800 million at year-end.

Outlook and guidance

• 2026 production target: 13.3 million tons of coal, with coke target up to 3.4 million tons.

• Cost-saving and restructuring measures expected to yield up to PLN 733.7 million in 2026, with full impact of employee reductions realized gradually from May.

• Management highlights significant uncertainty regarding liquidity and ability to meet targets if planned actions are not fully realized.